It can be difficult to tell if a retail store is closing, but there are some tell-tale signs that can help you determine if your store is in danger. From changes in staff to a shift in the overall feel of the business, there are several indicators that a store may be closing. Additionally, if you notice that your store is becoming thinner and thinner, it's time to take a look at your point-of-sale system to see what trends are emerging. Here are nine important signs that your retail store is closing or is in danger of closing in the near future.
1.Changes in Staff
If you're feeling a lot of pressure to change your motto, logo, and the overall feel of your business, that could be a sign that your store is closing.
Additionally, if you notice that staff members are leaving or being let go, this could be an indication that the store is in trouble. It's important to keep employees informed about any changes so they can start looking for new jobs.
2.Deadline for Opening
Setting a deadline for when your store will be open to the public can be a sign that it's closing. Choose a non-holiday weekend to ensure maximum participation on your last day of work.
3.Bootstrapping
Bootstrapping is a way of life for small retail business owners, but if you notice that your tendencies are shifting toward greater thinness, it's time to calculate your point-of-sale system to see trends.
4.Reevaluating Advancement Strategies
Now that a growing number of retailers have had to apply for Chapter 11 protection, many companies are reevaluating their advancement strategies.
5.Liquidation Sale
When a retailer embarks on a closing sale, one of the main concerns they have is how to keep staff in place during the liquidation sale and what to tell them from the start.
6.Visual Appeal
Now that you're sure that all the essentials to operate are in order, it's time to make sure that your store is visually appealing and that customers can find what they're looking for.
7.Keeping Plans Secret
The idea of keeping these plans to yourself should always apply, regardless of whether you're planning to make the sale yourself or if you're thinking of hiring a retail consulting firm to do the sale for you.
8.Checklists
Structuring the opening and closing procedures in your retail store with regular checklists helps keep staff accountable for what needs to be done.
9.Rationalizing Store Fleets
Rationalizing store fleets is one of the most popular tactics retailers are considering to stay afloat. If signs appear that your retail store is closing, that's your signal to act quickly and avoid closing the store. ShopKeep's free Lean Retail 101 e-course will teach you how to manage your retail business as a successful, fast-growing startup.
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